Supreme Court quashes Amazon penalty

The India — Supreme Court of India has set aside a Rs 202 crore penalty imposed by the India — Election Commission of India (CCI) on Amazon (company)>>> related to its 2019 investment in Future Coupons>>>. The court also quashed an order by the India — National Company Law Appellate Tribunal>>> that had upheld the CCI's penalty. The CCI had accused Amazon (company)>>> of suppressing material information and making false statements while seeking regulatory approval for the transaction, which involved Amazon (company)>>> acquiring a 49% stake in Future Coupons>>>. Amazon (company)>>> had argued that the deal gave it contractual rights preventing Future Retail>>> from selling its retail assets to certain entities, including Reliance Industries>>>. The Supreme Court directed the CCI to refund the penalty amount, if paid by Amazon (company)>>>, with 6% interest within eight weeks, increasing to 9% if delayed. This ruling provides a major relief to Amazon (company)>>> and concludes a significant legal battle.